How can I find car insurance for a vintage or custom car?

If you have a classic, vintage, custom, or collector’s car, truck, or motorcycle, you may need more coverage than a regular car insurance policy offers. The average cost of car insurance is $147 per month for standard cars.

However, vehicle insurance for a 1955 Chevrolet Camaro or a 1965 Ford Mustang can cost several times more than a new vehicle. In addition, many owners add modifications that make their vintage cars even more costly.

Read more: Best Car Insurance Company for Ford

How can you find car insurance for a vintage or custom car? Here’s some more information about choosing insurance for a vintage or custom car, the requirements for this coverage, and some answers to frequently asked questions.

How to Find Car Insurance for a Vintage or Custom Car

With a classic or custom car, many people need more insurance than a new vehicle that came straight from the factory. The rates for liability insurance are usually similar, but they may be higher for older vehicles that don’t have modern safety features.

Liability insurance pays for repairs to other drivers’ vehicles if you have a car accident that was your fault.

Collision and comprehensive insurance can be much more expensive. Most policies for vintage or custom vehicles don’t insure the full amount of the vehicle. Instead, people negotiate with their insurance agents and decide on an insurance limit they can afford.

For example, a car owner worth $500,000 could choose an insurance limit of $300,000 to save money. Even if the vehicle’s value increases, the insurance limit would still be $300,000.

With most collision and comprehensive car insurance, the insurance company will pay the vehicle’s replacement cost without the deductible.

However, the value of your car can fluctuate over time, and the insurance payment you receive after an accident may not be as much as you expect. The best insurance companies that cover modified cars and the best collision coverage car insurance companies can vary over time.

What are the requirements for vintage or custom car insurance?

Vintage or custom car insurance usually has more requirements than insurance for a typical vehicle, including the following.

An Appraisal

Even if you choose a limit that’s lower than the vehicle’s value, your insurance company may want to know exactly how much your custom or classic car is worth. When you start a new policy, you could have a visit from an appraiser.

Driving Restrictions

Most insurance companies limit the number of miles you can drive a classic or custom car each year. A cap of about 7,500 miles is normal, but insurance company rules vary. Many policies also require the owner of a classic or custom car to have another, less valuable vehicle for everyday use.

Secure Storage

Since classic and custom cars are usually valuable, the theft risk is higher than with a newer or unmodified vehicle. As a result, many insurance companies require people to store these cars in a garage or another secure space when they’re not in use.

A Good Driving Record

You’ll need a good driving record to qualify for custom or classic car insurance. For example, people convicted of excessive speeding, reckless driving, driving while intoxicated, or other serious violations may not be able to get coverage for a classic car.

Case Studies: Car Insurance for Vintage or Custom Cars

Case Study 1: Comprehensive Coverage for a Vintage Car

Sarah owns a vintage 1967 Chevrolet Camaro. She wanted to ensure that her prized possession was adequately protected, so she sought out car insurance specifically designed for vintage cars. She found a policy that provided comprehensive coverage, including agreed value coverage that would reimburse her for the full value of the car in the event of a total loss.

Case Study 2: Custom Car Insurance With Modifications Coverage

Mike had a passion for customizing cars and owned a heavily modified 2005 Honda Civic. He needed insurance coverage that would not only protect his investment but also cover the value of the modifications he made to the car. After researching different options, Mike found an insurance company that specialized in custom car insurance.

They offered coverage that specifically accounted for the value of his modifications, ensuring that he would be properly compensated in the event of a claim.

Case Study 3: Limited Mileage Coverage for a Classic Car

John owned a classic 1972 Ford Mustang that he only drove on special occasions. He didn’t want to pay for full-time coverage since he rarely used the car. Instead, he found an insurance policy that offered limited mileage coverage, allowing him to pay lower premiums based on the reduced risk associated with his limited driving.

The Bottom Line on Classic and Custom Car Insurance Coverage

Insurance for vintage or custom cars is usually more costly than car insurance for newer or unmodified vehicles. This type of insurance also has more requirements than coverage for most other vehicles.

To select a policy that provides the coverage you need without high payments, it’s a good idea to compare car insurance options carefully.